LONG TERM TREND BEARISH
INTERMEDIATE TERM TREND BEARISH
SHORT TERM TREND BULLISH
VERY SHORT TERM TREND BULLISH
Gold found support last week at 1180 and has rebounded strongly, moving as high as the down trend channel line at 1215 yesterday.
Today has seen a pause and small retracement after a stronger than expected ADP employment number, however the closely watched Non-Farm Payrolls (NFP) number will give more of a steer to the market, as will the FOMC statement later this evening. The ADP employment number has very little correlation with the much more important NFP number and is often a red herring when trying to predict this number.
Gold remains above the 20 and 50 day moving averages but well below the key 200 day moving average, currently at 1265 and until gold can break the long term down trend line, last tested after the US election result and unbroken for 6 years, we remain bearish for gold in the intermediate and long term timeframes. This line is currently at 1317 and moving slowly lower.
Oil remains in an uptrend, having rebounded strongly from the 2016 lows below $30 a barrel and is now trading at nearly $54 a barrel.
Support can be found at 1198, 1180, 1172, 1160, 1145, 1122, 1100, 1072 and 1045. The recent sell off and rejection of the long term down trend line is bearish for gold in the long term timeframe and suggests a move towards the 2016 lows is likely, unless gold can break above the 2011 down trend line.
Resistance can be found at 1214-1216, 1220, 1232, 1262, 1280, 1300 and 1317. Gold needs to break the key resistance level at 1317 to give the bulls some momentum and long term control.
INTERMEDIATE TERM TREND BEARISH
SHORT TERM TREND BULLISH
VERY SHORT TERM TREND BULLISH
Gold found support last week at 1180 and has rebounded strongly, moving as high as the down trend channel line at 1215 yesterday.
Today has seen a pause and small retracement after a stronger than expected ADP employment number, however the closely watched Non-Farm Payrolls (NFP) number will give more of a steer to the market, as will the FOMC statement later this evening. The ADP employment number has very little correlation with the much more important NFP number and is often a red herring when trying to predict this number.
Gold remains above the 20 and 50 day moving averages but well below the key 200 day moving average, currently at 1265 and until gold can break the long term down trend line, last tested after the US election result and unbroken for 6 years, we remain bearish for gold in the intermediate and long term timeframes. This line is currently at 1317 and moving slowly lower.
Oil remains in an uptrend, having rebounded strongly from the 2016 lows below $30 a barrel and is now trading at nearly $54 a barrel.
Support can be found at 1198, 1180, 1172, 1160, 1145, 1122, 1100, 1072 and 1045. The recent sell off and rejection of the long term down trend line is bearish for gold in the long term timeframe and suggests a move towards the 2016 lows is likely, unless gold can break above the 2011 down trend line.
Resistance can be found at 1214-1216, 1220, 1232, 1262, 1280, 1300 and 1317. Gold needs to break the key resistance level at 1317 to give the bulls some momentum and long term control.